Fitch Affirms Commercial Mortgage Asset Trust, Series 1999-C2

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed one class of Commercial Mortgage Asset Trust, commercial mortgage pass through certificates, series 1999-C2. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmation reflects that the class F notes are covered by defeased collateral. There are four loans remaining in the pool, three of which are defeased (88.6%). As of the February 2015 distribution date, the pool's aggregate principal balance has been reduced by 95.4% to $34.8 million from $775.2 million at issuance. The pool has experienced $61.7 million (8% of the original balance) in losses to date. Interest shortfalls are currently affecting classes H through Q2.

The only non-defeased loan in the pool (11.4%) is collateralized by a 64,247 square foot Regal Cinema located in Medina, OH. There are no other major theatres is the Medina area. The servicer-reported a trailing 12 month net operating income debt service coverage ratio (NOI DSCR) of 1.26x.

RATING SENSITIVITIES

The Stable Outlook is reliant on Fitch's Outlook for the sovereign rating of the United States of America.

Fitch has affirmed the following class:

--$8.7 million class F at 'AAAsf'; Outlook Stable.

Fitch does not rate classes G, H, J, K, L, M, N, Q1 and Q2. Classes A-1, A-2, A-3, CS-1, B, C, D, and E notes have paid in full. Fitch previously withdrew the rating on class X.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981295

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Fitch Ratings
Primary Surveillance Analyst
Dustin Pike
Associate Director
+1-212-612-7875
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-078
or
Media Relations:
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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